Reuters reported that the Chinese government has been looking to fast track sale of assets of Anbang Insurance Group, which through its property and casualty insurance subsidiary, will offload 77.7% of its stake in Hexie Health Insurance, and the remaining interest to Fujia Group and four other companies. The transactions will be closed after securing approval from the China Banking and Insurance Regulatory Commission (CBIRC).

Fujia Group will buy a controlling stake of 51% in the Chinese health insurance company, as per the latest insurance acquisition news.

The Chinese government, in February 2018, took over control of Anbang Insurance Group after the insurance conglomerate was found to have violated laws and regulations. According to the China Insurance Regulatory Commission (CIRC), these breaches could have seriously endangered the solvency of Anbang Insurance Group.

In June 2017, Wu Xiaohui, the then chairman of Anbang Insurance Group, who was also a major shareholder in the insurance conglomerate, was put behind the bars for indulging in fraud and embezzlement.

Last month, the Chinese government created Dajia Insurance Group, a new insurance company, to take over the operations of Anbang Insurance Group.

As part of the Chinese government’s strategy to sell assets of the insurance conglomerate, a deal was signed last month to offload the entire stake held by Anbang Insurance Group in VIVAT, a Dutch insurance company, to

Prior to that, in early June, Anbang Insurance Group signed a deal to sell its entire stake in Dutch insurance group VIVAT to Athora Group. VIVAT is the holding company for SRLEV, VIVAT Schadeverzekeringen, Proteq Levensverzekeringen, ACTIAM, and Zwitserleven PPI among others.